Dubai is global pivot to strengthen North-South trade and enhancing regional prosperity
Dubai has actually emerged as an international pivot in redefining the shapes of international trade with a focus on North-South transport, and in boosting the prosperity of the whole Middle East region, stated HE Jamal Majid Bin Thaniah, Vice Chairman of DP World, dealing with a keynote discussion at the very first Commonwealth of Independent States Global Business Forum (CIS GBF 2016), being held on February 17 and 18 at the Atlantis, The Palm, Dubai.
Highlighting the role that Dubai's ports play in the fast-changing international trade characteristics, HE Bin Thaniah said that the city's ports serve over 2 billion individuals in the larger region, with DP World attaining a throughput of 15.2 million TEU in 2014.
"A strong economic platform has actually been developed in Dubai, and this will be central in driving the North-South trade linking the emerging markets in the southern hemisphere with Russia and CIS," he stated.
HE Bin Thaniah stated Dubai is filling the vacuum that exists between East-West trade and vice versa through its strategic geographic location, while likewise playing an essential role in the North-South trade. "We are the modern-day platform that connects the world-- east to west, north to south.".
Talking about the new opportunities in developing the North-South Transport Corridor, HE Bin Thaniah stated 3 aspects have changed the international characteristics of trade: The trade barriers, transport costs and the tariff regimes. "The worldwide dynamics of trade has actually changed significantly in the past 15 years with more personal sector participation, and the government stepping back to presume the role of facilitator.
He said that the North-South Transport will emerge as a vital force in the future complementing the Trans-Pacific and East-West trade corridors, because "the emerging markets, particularly in Africa, are the future. Linking all these essential trade routes is Dubai and the UAE.".
HE Bin Thaniah said Dubai has the knowhow, the knowledge, the items and the will to serve the CIS region. "We are already playing an essential advisory and logistic partner role in the CIS. This belongs to a larger vision to link West China with the area.".
Professionals had said rates would support at about US$ 86 per barrel in 2015. Low rates are excellent for consumer and industrial countries but this is not sustainable, and should be brought back for the global economy to grow once again.".
The session was moderated by global broadcaster Andrea Catherwood.
